A businessman is requesting more than $6 million (around BD2.26m) in compensation after he was allegedly refused his share of a booming cryptocurrency company he helped launch with business partners, including his brother.

The High Civil Court heard that the 43-year-old was part of a team that successfully launched a rival to Bitcoin and wants to cash in on the crypto craze and take hold of his promised cut of the company’s worth.

A cryptocurrency is a collection of binary data which is designed to work as a medium of exchange and the Iraqi man, living in the US, claims that his brother and two other Bahrainis, allegedly promised him 500m worth of the cryptocurrency once it became established – which is said to equal $6.3m in current market value.

His lawyer Islam Ghonaim lodged the case yesterday requesting full compensation, either in the cryptocurrency or its Greenback equivalent and told the court: “My client got nothing of what he was promised after helping establish the cryptocurrency. “We filed the case against three of his partners. His own brother did not give my client his rights which is shocking,” he claimed.

“He then had to file a case against him and his other two partners after they refused to even communicate with him.”

The case has been adjourned until December 20 for review.

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